Intrinsic value of UGI - UGI

Previous Close

$48.32

  Intrinsic Value

$37.04

stock screener

  Rating & Target

sell

-23%

Previous close

$48.32

 
Intrinsic value

$37.04

 
Up/down potential

-23%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of UGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -15.02
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  5,800
  5,933
  6,086
  6,257
  6,446
  6,655
  6,881
  7,127
  7,391
  7,674
  7,978
  8,302
  8,646
  9,013
  9,402
  9,814
  10,250
  10,711
  11,198
  11,713
  12,256
  12,828
  13,432
  14,068
  14,737
  15,443
  16,185
  16,966
  17,787
  18,652
Variable operating expenses, $m
 
  5,069
  5,178
  5,304
  5,445
  5,601
  5,772
  5,958
  6,160
  6,377
  6,611
  6,561
  6,828
  7,111
  7,412
  7,732
  8,071
  8,430
  8,809
  9,210
  9,633
  10,080
  10,550
  11,047
  11,570
  12,121
  12,700
  13,311
  13,953
  14,629
  15,340
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,747
  5,069
  5,178
  5,304
  5,445
  5,601
  5,772
  5,958
  6,160
  6,377
  6,611
  6,561
  6,828
  7,111
  7,412
  7,732
  8,071
  8,430
  8,809
  9,210
  9,633
  10,080
  10,550
  11,047
  11,570
  12,121
  12,700
  13,311
  13,953
  14,629
  15,340
Operating income, $m
  939
  731
  755
  782
  812
  846
  883
  923
  967
  1,013
  1,064
  1,417
  1,474
  1,535
  1,600
  1,669
  1,743
  1,820
  1,902
  1,988
  2,080
  2,176
  2,278
  2,385
  2,498
  2,617
  2,742
  2,874
  3,013
  3,158
  3,312
EBITDA, $m
  1,340
  1,238
  1,266
  1,299
  1,335
  1,376
  1,420
  1,468
  1,521
  1,577
  1,638
  1,702
  1,772
  1,845
  1,923
  2,006
  2,094
  2,187
  2,286
  2,390
  2,499
  2,615
  2,738
  2,866
  3,002
  3,145
  3,295
  3,454
  3,620
  3,796
  3,980
Interest expense (income), $m
  229
  218
  227
  238
  249
  263
  278
  294
  312
  331
  352
  374
  398
  423
  450
  479
  509
  541
  575
  611
  650
  690
  732
  777
  824
  874
  926
  982
  1,040
  1,101
  1,165
Earnings before tax, $m
  710
  513
  528
  544
  563
  583
  605
  629
  655
  683
  712
  1,043
  1,077
  1,112
  1,151
  1,191
  1,234
  1,279
  1,327
  1,377
  1,430
  1,486
  1,546
  1,608
  1,674
  1,743
  1,816
  1,892
  1,973
  2,058
  2,147
Tax expense, $m
  221
  138
  142
  147
  152
  157
  163
  170
  177
  184
  192
  282
  291
  300
  311
  322
  333
  345
  358
  372
  386
  401
  417
  434
  452
  471
  490
  511
  533
  556
  580
Net income, $m
  365
  374
  385
  397
  411
  426
  442
  459
  478
  498
  520
  761
  786
  812
  840
  869
  901
  934
  968
  1,005
  1,044
  1,085
  1,128
  1,174
  1,222
  1,272
  1,325
  1,381
  1,440
  1,502
  1,567

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  503
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,847
  10,545
  10,787
  11,065
  11,376
  11,721
  12,099
  12,511
  12,957
  13,438
  13,954
  14,505
  15,094
  15,721
  16,387
  17,094
  17,843
  18,636
  19,475
  20,361
  21,296
  22,283
  23,324
  24,422
  25,578
  26,795
  28,077
  29,427
  30,847
  32,341
  33,912
Adjusted assets (=assets-cash), $m
  10,344
  10,545
  10,787
  11,065
  11,376
  11,721
  12,099
  12,511
  12,957
  13,438
  13,954
  14,505
  15,094
  15,721
  16,387
  17,094
  17,843
  18,636
  19,475
  20,361
  21,296
  22,283
  23,324
  24,422
  25,578
  26,795
  28,077
  29,427
  30,847
  32,341
  33,912
Revenue / Adjusted assets
  0.000
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Average production assets, $m
  3,074
  3,138
  3,210
  3,292
  3,385
  3,488
  3,600
  3,723
  3,855
  3,998
  4,152
  4,316
  4,491
  4,678
  4,876
  5,086
  5,309
  5,545
  5,795
  6,058
  6,337
  6,630
  6,940
  7,267
  7,611
  7,973
  8,354
  8,756
  9,178
  9,623
  10,091
Working capital, $m
  -18
  -203
  -208
  -213
  -219
  -226
  -233
  -241
  -249
  -259
  -269
  -279
  -291
  -303
  -315
  -329
  -343
  -359
  -375
  -392
  -410
  -429
  -449
  -470
  -492
  -516
  -540
  -566
  -594
  -623
  -653
Total debt, $m
  4,087
  3,915
  4,095
  4,301
  4,532
  4,788
  5,069
  5,374
  5,705
  6,062
  6,445
  6,854
  7,291
  7,756
  8,250
  8,775
  9,331
  9,919
  10,541
  11,199
  11,893
  12,625
  13,398
  14,212
  15,070
  15,973
  16,924
  17,926
  18,979
  20,088
  21,254
Total liabilities, $m
  7,996
  7,824
  8,004
  8,210
  8,441
  8,697
  8,978
  9,283
  9,614
  9,971
  10,354
  10,763
  11,200
  11,665
  12,159
  12,684
  13,240
  13,828
  14,450
  15,108
  15,802
  16,534
  17,307
  18,121
  18,979
  19,882
  20,833
  21,835
  22,888
  23,997
  25,163
Total equity, $m
  2,851
  2,721
  2,783
  2,855
  2,935
  3,024
  3,122
  3,228
  3,343
  3,467
  3,600
  3,742
  3,894
  4,056
  4,228
  4,410
  4,603
  4,808
  5,024
  5,253
  5,494
  5,749
  6,018
  6,301
  6,599
  6,913
  7,244
  7,592
  7,958
  8,344
  8,749
Total liabilities and equity, $m
  10,847
  10,545
  10,787
  11,065
  11,376
  11,721
  12,100
  12,511
  12,957
  13,438
  13,954
  14,505
  15,094
  15,721
  16,387
  17,094
  17,843
  18,636
  19,474
  20,361
  21,296
  22,283
  23,325
  24,422
  25,578
  26,795
  28,077
  29,427
  30,846
  32,341
  33,912
Debt-to-equity ratio
  1.434
  1.440
  1.470
  1.510
  1.540
  1.580
  1.620
  1.660
  1.710
  1.750
  1.790
  1.830
  1.870
  1.910
  1.950
  1.990
  2.030
  2.060
  2.100
  2.130
  2.160
  2.200
  2.230
  2.260
  2.280
  2.310
  2.340
  2.360
  2.380
  2.410
  2.430
Adjusted equity ratio
  0.255
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  365
  374
  385
  397
  411
  426
  442
  459
  478
  498
  520
  761
  786
  812
  840
  869
  901
  934
  968
  1,005
  1,044
  1,085
  1,128
  1,174
  1,222
  1,272
  1,325
  1,381
  1,440
  1,502
  1,567
Depreciation, amort., depletion, $m
  401
  507
  511
  517
  523
  530
  537
  545
  554
  564
  574
  286
  297
  310
  323
  337
  352
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  637
  668
Funds from operations, $m
  1,013
  881
  897
  914
  934
  955
  979
  1,005
  1,032
  1,062
  1,094
  1,047
  1,083
  1,122
  1,163
  1,206
  1,252
  1,301
  1,352
  1,406
  1,464
  1,524
  1,588
  1,655
  1,726
  1,800
  1,879
  1,961
  2,048
  2,139
  2,235
Change in working capital, $m
  43
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
Cash from operations, $m
  970
  885
  901
  920
  940
  962
  986
  1,013
  1,041
  1,071
  1,104
  1,058
  1,095
  1,134
  1,176
  1,220
  1,267
  1,316
  1,368
  1,424
  1,482
  1,543
  1,608
  1,676
  1,748
  1,824
  1,903
  1,987
  2,075
  2,168
  2,266
Maintenance CAPEX, $m
  0
  -204
  -208
  -213
  -218
  -224
  -231
  -238
  -247
  -255
  -265
  -275
  -286
  -297
  -310
  -323
  -337
  -352
  -367
  -384
  -401
  -420
  -439
  -460
  -481
  -504
  -528
  -553
  -580
  -608
  -637
New CAPEX, $m
  -564
  -64
  -72
  -82
  -93
  -103
  -113
  -123
  -133
  -143
  -153
  -164
  -175
  -187
  -198
  -210
  -223
  -236
  -250
  -264
  -278
  -294
  -310
  -327
  -344
  -362
  -381
  -402
  -423
  -445
  -468
Cash from investing activities, $m
  -559
  -268
  -280
  -295
  -311
  -327
  -344
  -361
  -380
  -398
  -418
  -439
  -461
  -484
  -508
  -533
  -560
  -588
  -617
  -648
  -679
  -714
  -749
  -787
  -825
  -866
  -909
  -955
  -1,003
  -1,053
  -1,105
Free cash flow, $m
  411
  617
  621
  624
  629
  635
  643
  652
  662
  673
  685
  619
  634
  650
  668
  687
  707
  729
  752
  776
  802
  830
  859
  890
  923
  957
  994
  1,032
  1,073
  1,116
  1,161
Issuance/(repayment) of debt, $m
  155
  150
  180
  206
  231
  256
  281
  306
  331
  357
  383
  409
  437
  465
  494
  525
  556
  588
  622
  657
  694
  732
  772
  814
  858
  904
  951
  1,001
  1,054
  1,108
  1,166
Issuance/(repurchase) of shares, $m
  -34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -114
  150
  180
  206
  231
  256
  281
  306
  331
  357
  383
  409
  437
  465
  494
  525
  556
  588
  622
  657
  694
  732
  772
  814
  858
  904
  951
  1,001
  1,054
  1,108
  1,166
Total cash flow (excl. dividends), $m
  294
  768
  801
  830
  860
  891
  924
  957
  993
  1,029
  1,068
  1,028
  1,070
  1,115
  1,162
  1,211
  1,263
  1,317
  1,374
  1,434
  1,496
  1,562
  1,632
  1,704
  1,781
  1,861
  1,945
  2,034
  2,127
  2,224
  2,327
Retained Cash Flow (-), $m
  -159
  -51
  -63
  -72
  -80
  -89
  -98
  -106
  -115
  -124
  -133
  -142
  -152
  -162
  -172
  -182
  -193
  -205
  -216
  -229
  -241
  -255
  -269
  -283
  -298
  -314
  -331
  -348
  -366
  -385
  -405
Prev. year cash balance distribution, $m
 
  181
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  898
  739
  759
  780
  802
  826
  851
  877
  905
  935
  886
  919
  953
  990
  1,029
  1,069
  1,112
  1,157
  1,205
  1,255
  1,308
  1,363
  1,421
  1,482
  1,547
  1,614
  1,686
  1,760
  1,839
  1,921
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  834
  634
  596
  557
  516
  474
  432
  389
  347
  307
  245
  212
  181
  152
  126
  102
  82
  64
  50
  37
  28
  20
  14
  10
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

UGI Corporation is a holding company. The Company distributes, stores, transports and markets energy products and related services. It operates through six segments. The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners, L.P. The UGI France segment consists of the French LPG distribution business of its subsidiaries, Antargaz, Finagaz and its liquefied petroleum gases (LPG) distribution businesses. The Flaga & Other segment consists of the LPG distribution businesses of Flaga GmbH, AvantiGas Limited and ChinaGas Partners, L.P. The Energy Services segment consists of energy-related businesses conducted by its subsidiary, UGI Energy Services, LLC (Energy Services). The Electric Generation segment consists of electric generation facilities conducted by Energy Services' subsidiary. The Gas Utility segment consists of the regulated natural gas distribution businesses of its subsidiary, UGI Utilities, Inc.

FINANCIAL RATIOS  of  UGI (UGI)

Valuation Ratios
P/E Ratio 22.9
Price to Sales 1.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 20.6
Growth Rates
Sales Growth Rate -15%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.9%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 132.1%
Total Debt to Equity 143.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 19.3%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 44.1%

UGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UGI stock intrinsic value calculation we used $5686 million for the last fiscal year's total revenue generated by UGI. The default revenue input number comes from 2016 income statement of UGI. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UGI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.6%, whose default value for UGI is calculated based on our internal credit rating of UGI, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of UGI.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UGI stock the variable cost ratio is equal to 87.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for UGI.

Corporate tax rate of 27% is the nominal tax rate for UGI. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UGI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UGI are equal to 54.1%.

Life of production assets of 15.1 years is the average useful life of capital assets used in UGI operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UGI is equal to -3.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2851 million for UGI - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 173.425 million for UGI is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of UGI at the current share price and the inputted number of shares is $8.4 billion.

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COMPANY NEWS

▶ UGI Declares Common Dividend   [Nov-29-17 04:15PM  Business Wire]
▶ UGI Announces Jefferies Energy Conference Webcast   [Nov-28-17 04:15PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : November 27, 2017   [Nov-27-17 04:12PM  Capital Cube]
▶ UGI Corp Ends Its Fiscal Year on a Positive Note   [Nov-09-17 11:46AM  Motley Fool]
▶ UGI Corporation to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ UGI posts 4Q profit   [05:02AM  Associated Press]
▶ UGI Reports Record Fiscal 2017 Results   [Nov-08-17 08:11PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : November 6, 2017   [Nov-06-17 12:38PM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : October 25, 2017   [Oct-25-17 10:16AM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : October 11, 2017   [Oct-11-17 12:08PM  Capital Cube]
▶ UGI Corporation Acquires Totalgaz Italia S.r.l.   [Oct-05-17 04:15PM  Business Wire]
▶ UGI Corp. Value Analysis (NYSE:UGI) : August 4, 2017   [Aug-03-17 11:45PM  Capital Cube]
▶ UGI reports 3Q loss   [05:06AM  Associated Press]
▶ UGI Reports Fiscal 2017 Third Quarter Earnings   [Aug-02-17 06:15PM  Business Wire]
▶ UGI Declares Common Dividend   [Jul-25-17 04:15PM  Business Wire]
▶ ETFs with exposure to UGI Corp. : July 10, 2017   [Jul-10-17 03:25PM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : June 26, 2017   [Jun-26-17 05:06PM  Capital Cube]
▶ ETFs with exposure to UGI Corp. : June 15, 2017   [Jun-15-17 03:38PM  Capital Cube]
▶ UGI Corp. Value Analysis (NYSE:UGI) : May 4, 2017   [May-04-17 05:08PM  Capital Cube]
▶ UGI beats 2Q profit forecasts   [May-01-17 06:14PM  Associated Press]
▶ UGI Reports Second Quarter Earnings   [06:00PM  Business Wire]
▶ Best Performing Stocks of All Time   [Mar-14-17 02:08PM  at Motley Fool]
▶ UGI beats 1Q profit forecasts   [Feb-01-17 06:08PM  Associated Press]
▶ UGI Reports Record First Quarter Earnings   [05:30PM  Business Wire]
▶ UGI Declares Common Dividend   [04:15PM  Business Wire]
▶ UGI Corporation Investor Day Recap   [Dec-13-16 04:50PM  Business Wire]
▶ Is UGI Corp (UGI) A Good Stock To Buy?   [Dec-09-16 04:06PM  at Insider Monkey]
▶ UGI Declares Common Dividend   [Nov-18-16 04:15PM  Business Wire]
▶ These 3 Dividend Aristocrats Are Ridiculously Cheap   [Nov-15-16 11:45AM  at Motley Fool]
▶ UGI Reports Record Fiscal 2016 Earnings   [06:00PM  Business Wire]
Financial statements of UGI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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